thelupus Posted June 28, 2005 Report Share Posted June 28, 2005 Hello to all. Glad to see I'm not the only one wanting to go into battle here lol. I am new to the board and looking forward to learning a lot of info from the site. Little introduction. Here for the past 3 years I have been paying off a lot of debt. I have got 2 creditors paid off, and next Thursday I finally get a repo paid off. I have no idea why I did not just claim bankruptcy, kicking myself in the butt now! Still have one loan left (getting low), and student loans (not that much). Anyway, I use to have perfect credit and now (been this way for a while) it's at an all time low. Just had a really hard time making money there for a couple of years, and I'm just now getting back around to being comfortable. Enough of my blabbing. I have already done some searching around, but really did not find an answer for my first question. I know that I have a lot of delinquent payments of my CR's. My question is, I have paid off companies (in full), closed accounts, and yet they are still on my reports with delinquent payments. Can I dispute these? Can/will these be taken off since they were paid off and closed? Thank you in advance for any help!Jeremy Link to comment Share on other sites More sharing options...
Ahntara Posted June 28, 2005 Report Share Posted June 28, 2005 A paid collection or charge off is still a derogatory entry on your credit report. They can appear on your CR for 7 years from the date you last paid them on time, immediately prior to their default. You need a LOT more information before you start randomly disputing recently paid derogatory accounts.The factors which cause the most damage to your score are the default status, coupled with the "date last reported". So, sometimes, when you pay off an old (not recently reported) collection, it gets updated (if they report like they are supposed to), and your score tanks. One of the biggest fallacies about credit is that you can improve it by paying derogs off.In some circumstances, you can negotiate a PFD (pay-for-delete). But you actually lose a lot of leverage after the account is paid. The CA/creditor no longer has any incentive to work with you to clear your credit in exchange for you paying them.Unfortunately, you proceeded without having essential knowledge. Too late to worry about the past. But you can start from this point on and educate yourself about credit, credit reporting, the law and your rights. This is the most important thing you can do before you make any additional moves which you might regret later. Link to comment Share on other sites More sharing options...
thelupus Posted June 29, 2005 Author Report Share Posted June 29, 2005 Thanks for the info. I just got all 3 reports printed out yeterday and found some things that need to be taken off. Might help me out a little. Thanks again,Jeremy Link to comment Share on other sites More sharing options...
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